Lloyd's VAT Arrangements

These arrangements have been agreed with HM Revenue and Customs and provide a framework for the treatment of VAT, including VAT recovery, for entities within the Lloyd's market.

Lloyd's VAT arrangements 

 

Please see below for details on specific reports and procedures associated with the Lloyd's VAT arrangements

 

Xchanging Premium VAT Reports

At the beginning of the month following the quarter end Xchanging provide Managing Agents with a premium VAT report detailing the value of  EU and Non EU supplies made by syndicates in the period.  The values should be used to calculate the syndicate's VAT recovery rate.  Please see the "Lloyd's VAT Arrangements" agreement for further details.

If you have any queries regarding reports or data provided by Xchanging please contact them on +44 (0)203 604 7800.

 

Xchanging claims expense data - VAT Reverse charge

Xchanging provide claims expense data (formerly known as LPSO tabulation sheets) to Managing Agents detailing the value of claims expenses subject to the VAT reverse charge procedure as set out in sections 11.2 to 11.4 of the Lloyd's VAT arrangements.  The current rate to be used in the calculation referred to in the arrangements is 0.04%.  The resultant value should be reverse charged and treated as residual VAT.  

Exchange rates to convert foreign currency claims expenses are published quarterly by Lloyd's Tax Department. 

If you have any queries regarding reports or data provided by Xchanging please contact them on +44 (0)203 604 7800.

 

Other information

If you have any queries in relation to the Lloyd's VAT arrangements or other Lloyd's relevant VAT issues, please contact Vicky Clarke on +44 (0)20 7327 6835 or Charlie Dyer on +44 (0)20 7327 6836 in the Lloyd's Tax Department.

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